SE Asia Stocks-Philippines falls most in thin trade, most subdued

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Philippine shares retreated on Thursday after two sessions of sharp gains, while financials dragged the Singapore benchmark lower ahead of manufacturing data due later in the day.
Trading in most Southeast Asian markets, however, was below a third of their 30-day average volume as traders settled in for year-end holidays.
The Manila bourse. PSI fell 0.7%, the most in the region, weighed down by banking and real estate stocks.
Financial markets in the Philippines were closed on Tuesday and Wednesday, but the index gained almost 3% in the previous two trading sessions.
Real estate firms SM Prime Holdings SMPH.PS and Ayala Land ALI.PS fell 1.2% and 1.7%, respectively, while BDO Unibank BDO.PS lost as much as 1.6%.
Singapore's benchmark index. STI was on course to snap three straight sessions of gains, hurt by weakness in blue-chip banking stocks.
Southeast Asia's biggest lender DBS Group Holdings DBSM.SI slid as much as 0.7%.
The trade-reliant city-state's manufacturing output in November is expected to contract on a yearly basis, according to a Reuters poll, after unexpectedly rising in October.
Markets were pensive even as U.S. President Donald Trump said on Tuesday he and Chinese President Xi Jinping will sign the first phase of the trade deal agreed to this month.
Striking a cautious note, MIDF said it expects global market uncertainty to persist and affect world trade activities in 2020.
"We view President Trump to cause further market uncertainty in 2020 due to the presidential elections," the brokerage said.
Thai equities. SETI were marginally higher on the back of gains in energy and industrial firms.
PTT Exploration and Production PTTEP.BK and Airports of Thailand AOT.BK rose 0.8% and 0.7%, respectively.
Indonesian shares. JKSE were set for their third straight session of gains, lifted by financials and consumer stocks.
Bank Central Asia BBCA.JK rose as much as 0.5%, while Unilever Indonesia UNVR.JK gained 1.4%.
Malaysia's benchmark index. KLSE was little changed, while Vietnam stocks VNI declined.

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